On Tuesday, the company said it was cutting around 160 front office and 50 back office roles from its 2,328-strong workforce.

Rival ICAP Chief Executive Michael Spencer confirmed earlier this month that he was cutting staff in the company's Global Broking division, which houses its brokers, although he declined to say how many jobs were at risk and which desks would be affected.

Ian Bolland

A journalism graduate of Liverpool John Moores University. During his time at university, Ian spent time on work experience at local newspapers in Liverpool, Bolton and Wigan, and prior to that he did work for The Observer's 'fans verdict'. Ian also has interests in news, current affairs and business but mostly sport, including football, rugby league, cricket, golf and Formula 1, amongst others.